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NY A03681
Bill
Status
Introduced
1/26/2011
Primary Sponsor
Joseph Giglio
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AI Summary
- Reclassifies the debt reduction reserve fund from a capital projects fund to a debt service fund
- Requires 5 percent of any general fund cash surplus to be automatically transferred to the debt reduction reserve fund at the close of each fiscal year
- Defines cash surplus as the amount by which general fund receipts exceed general fund expenditures in a fiscal year
- Restricts the reserve fund's use to retiring or defeasing bonds or notes previously issued, removing authorization for capital projects and equipment acquisitions
- Prohibits balances in the reserve fund from being transferred to the general fund
Legislative Description
Provides that at the close of each fiscal year, five percent of any cash surplus in the general fund shall be transferred to the debt reduction reserve fund.
Last Action
held for consideration in ways and means
6/19/2012
Committee Referrals
Ways and Means1/26/2011
Full Bill Text
No bill text available